Steel scrap recycling policy notified, says Kulaste
A Rs.6,322 crore Production-Linked Incentive (PLI) Scheme for Specialty Steel to promote the manufacturing of specialty steel within the country for domestic use and reduce import by attracting capital investments is one of the major initiatives undertaken by the Government for the sector.
The others include:
Notification of National Steel Policy in 2017 for providing policy support and guidance to steel producers;
Notification of Domestically Manufactured Iron & Steel Products (DMI&SP) Policy for promoting procurement of Made in India Steel by Government and public sector projects;
Notification of Steel scrap recycling policy to enhance availability of domestically generated scrap.
This update was given by the Minister of State for Steel Faggan Singh Kulaste in a written reply to a question in Rajya Sabha on 24 July 2023.
Steel, he said, is a deregulated sector and the targets for steel production, domestic consumption and export are not set by the Government.
The decisions related to steel production, domestic consumption and export are taken by the individual steel producers on the basis of market demand and other commercial considerations.
The Indian steel sector produced 120.29 million tonnes of crude steel in 2021-22, out of which 105,75million tonnes were consumed domestically and 13.49 million tonnes exported.
In 2022-23, local crude steel production increased to 127.20 million tonnes, out of which 119.89 million tonnes were consumed by the domestic market and 6.72 million tonnes exported, he said. Fiinews.com
